Oppurtunity cost
What is the opportunity cost of going ice skating when I need to study for my test?
time I had to study for my test
A tropical storms destroys resources in the Demotratic Republic of Congo how would the PPC shift?
It would shift left
Points outside of the PPC curve are?
Unattainable
Define Allocative Efficiency?
The goverment allocates more of its resources to produce the good that is more desirable
What is the opportunity of cost of studying when I need to do college apps?
I won't have time to do college apps
How would a new technology that makes production costs more efficient shift the PPC curve?
It would shift the PPC curve right
inefficient
Define Productive Efficiency
The level at which an economy or entity can no longer produce additional amounts of a good without lowering the production level of another product.
What is the opportunity cost of eating hamburgers when I could've eaten pizza?
I missed an opportunity to eat pizza?
The production cost for a certain good goes down how would this shift the PPC curve?
Shift the PPC right
Points on the PPC curve are?
Effcient use of resources
If a goverment decideds to allocate more resources into making telephones a more desirable good what type of efficiency is this?
Allocative Efficiency